Changes afoot at India's largest e-commerce marketplace: Flipkart co-founder and chief operating officer Binny Bansal has been appointed as the chief executive officer of Flipkart.

He will be taking over from Flipkart's other co-founder Sachin Bansal who will assume the role of executive chairman.

In this role, Sachin Bansal will provide strategic direction, mentor the senior leadership and look for new investment opportunities, Flipkart said in a statement. He will continue to be the chairman of the board.

Sachin will also "play an active role in championing the Indian e-commerce sector and building the Internet ecosystem, and represent the company in external forums", Flipkart added.

Binny Bansal who was previously looking after the e-tailer's supply chain and logistics business, will now be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance.

All the business areas including Commerce, Ekart and Myntra will now report to Binny. Corporate functions including Human Resources, Finance, Legal, Corporate Communications and Corporate Development will also report to Binny Bansal, Flipkart said.

"At Flipkart, we have come a long way in our eight year journey. Today, we are in a very strong leadership position with over 60% market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion." ​Binny Bansal said.

"Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well. We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies." he added.

This development comes at a time when Flipkart is reportedly in talks with investors to raise about $1.4 billion so as to maintain its leadership in the online retail market, ET reported earlier this month.

The Bengaluru-based company had previously closed a $700 million at a valuation of $15 billion in July last year. New York-based investment firm Tiger Global and existing investors including Steadview Capital had participated in the fundraise, ET reported in July.

Myntra co-founder Mukesh Bansal who was made ​as the head of Flipkart commerce platform early last year, will continue in his role and will also have additional responsibility of the ads business, which was previously overseen by Sachin Bansal. Mukesh Bansal will also continue in his role as Chairman of Myntra, Flipkart said.

The Bengaluru-based e-tailer which is currently in a fierce four-way fight with Amazon, Softbank-backed Snapdeal and Alibaba-backed Paytm, has seen some significant changes in its senior leadership over the past year.

It roped in former Googlers Punit Soni and Peeyush Ranjan as chief product officer and head of engineering respectively. Former McKinsey director Saikiran Krishnamurthy joined as the chief operating officer of its commerce division while Twitter alum ​Tarun Jain joined as the ​product head of its online advertising business in November.

At the same time, several Flipkart old timers also quit the company over the past year. Engineering head ​Sameer Nigam and Flipkart CTO Amod Malviya left in July 2015 while chief people officer Mekin Maheshwari left in September 2015. ​Ravi Vora quit as CEO of Flipkart's Strategic Brands Group in August to join HOOQ while ​Saran Chatterjee left in June to join Housejoy as its chief executive.